Real estate debt: archive
Every Real estate debt story in Real Estate, newest first. 465 stories
7 stories
A $3.7B book in two years buys 13,000 more square feet
Ascent's two-year originations pace says the smaller-balance construction and bridge gap is where private real estate credit is clearing outside bank balance sheets.
Avila's $390M raise fills the gap regional banks left in lot credit
Insurers and endowments are now financing raw-land and lot credit, where the take-down carries the risk.
The long end now sets the price of CRE debt
A 10-year stuck near 5% turns every 2026-27 extension into an equity-sizing question rather than a coupon question.
Multifamily's maturity wall is now a sponsor-equity test
Three years carry $757 billion of a $1.8 trillion decade, and the Fed's quarter-point turns a refinancing gap into a capital call.
A $5 million shell underwrites a $113 million conversion
A 2028 delivery date and a $5 million acquisition basis clear the Magnificent Mile conversion, with 37 percent equity carrying the construction term.
Student housing's refinance risk is a 2029 problem
Most of the $5.29 billion of sub-8% debt-yield paper matures in 2029 and 2030, straight into a declining enrollment curve.
Chicago's largest conversion is a $15,600-a-unit land trade
The $5 million purchase price is what makes the $113 million raise at 500 North Michigan Avenue pencil.
11 stories
Corebridge writes $293 million on a fully leased Meatpacking building
The refinancing shows where insurance capital will still term out 2019-vintage Manhattan office — and leaves the rest of the wall unanswered.
DeKalb refi leans on the 3M signature
At 55% leverage, the lender is underwriting 3M's credit, and the next 3M-leased DeKalb refinance will show whether the entire group prices that way.
Edgewood takes out a Fort Lauderdale condo sell-out
A $27.9 million private takeout clears Latitude's construction debt, leaving the unsold 40 percent of a 22-unit tower carrying the loan.
FedEx's footprint cut reprices $837M of industrial CMBS
FedEx's shrinking footprint turns $837 million of single-tenant warehouse debt into a public test of what re-leasing optionality is actually worth.
Corebridge's $293M refi shows office credit clearing only on leased income
A fully leased Meatpacking building clears fixed-rate permanent debt at roughly $1,843 a square foot, the bar the rest of the office refinancing queue has to beat.
The office maturity wall is an extension trade with a limit
Nearly three-fifths of the $289.2 billion coming due by 2028 was underwritten before the demand assumptions broke; the resolution will arrive loan by loan rather than in an aggregate.
Industrial's hard wall is $6.90 billion; the extension cohort is the risk
Extending $40.86 billion of industrial CMBS past 2028 trades a refinancing event for floating-rate carry on the book's thinner coverage.
Elowen's $94.2M bridge puts ECA's Texas portfolio on renovation math
At 93% debt, ECA's Texas exit depends on 20 renovation programs.
Affinius financed a delivery date, not a rent forecast
The $130.4 million West Loop construction loan clears on the delivery date and the joint-venture structure, and the affordable fifth of the unit mix is the part of the debt sizing the announcement leaves open.
Private credit prices Kimco's retail portfolio off its anchors
The $154.1 million placement shows stabilized grocery-anchored retail clearing through private debt, with lenders underwriting the tenant roster as much as the real estate.
BridgeInvest's $114M Miami Beach refi leaves the upside with voters
A private credit fund is the stabilized takeout on an 83-percent-leased office asset whose next 47,000 square feet require a municipal election.
10 stories
Colliers markets the EY Plaza loan into an owner-user bid
The note's clearing price will show DTLA office whether occupancy cost or a cap rate sets the floor.
Eastern Bank bought the $7.76M bond; the tax credits carry the deal
A South Boston convent conversion shows what sub-$10 million seniors housing runs on: one regional bank's tax-exempt bond and $11.7 million in federal credits.
One SoHo Square's early workout shows where the extension trade runs out
An early special-servicing transfer and a hotel loan deadline mark the moment the refinancing wall stops rolling quietly.
Knighthead prices the land under a 73 percent Doral loan
The $62.92 million acquisition loan values three decades of land assembly, not the buildings on it.
Industrial CMBS's FedEx risk is a lease-maturity mismatch
Nearly a third of the FedEx-anchored CMBS book carries leases that end before the loans do, and Network 2.0 makes the renewals a live bet.
The refinancing wall's scarce input is sponsor equity
Bridge lenders are winning acquisitions and letting refinancings walk, which says more about this cycle's risk than the 5% Treasury does.
Wells Fargo closes $115M Fannie refi on a Long Island City lease-up
Agency execution moves an unseasoned 301-unit tower off the construction lender's books without printing a price for Court Square.
Gantry retires bridge debt with $50.75M CMBS pair
Five-year conduit paper leaves the sponsor a 2031 repricing option and pays the lender to hold the duration the sponsor declined.
Affinius funds a West Loop tower on scarcity three years out
The $130.4 million construction loan is a wager that Chicago's West Loop stays supply-constrained through a mid-2028 delivery, in a market otherwise repricing down.
Lenders lag equity on AI underwriting
Maturity pressure and capital-raising scrutiny are doing what risk exposure alone could not: pushing CRE debt desks toward underwriting tools the equity side adopted years ago.
12 stories
M&T's New Haven bridge shows where the duration transfer stops
A lease-up loan at roughly $332,000 a unit is the kind of short, collateralized risk a bank still wants on its own book.
Affinius writes Lexington construction debt at higher leverage
The $45.75 million loan is a wager on scarcity that has to outlast 21 months of construction.
Industrial's CMBS share gain comes with an 11% conduit tail
SASB portfolio financings carried $13.24 billion of the $14.93 billion securitized, and one of the year's biggest cleared above the sector's average leverage.
CIBC funds SkyREM's industrial refi on a three-year clock
CIBC's nonrecourse loan to SkyREM is priced off a full rent roll rather than a pipeline, a three-year bank term that shows the refinancing wall clearing without distress.
The Fed's dot plot carries the underwriting news
A unanimous quarter-point increase, then a 4.1% hold projected through next year, removes the front-end cut bridge borrowers were counting on.
Stockdale's $300 million credit book buys a pipeline, not a franchise
The Los Angeles owner-operator is lending where liquidity is thinnest, and the point is the deal flow the loans will see before anyone else does.
Three-year bridge prices a stabilized yield the asset must earn
An 80 percent LTV and a 6.45 percent debt yield put $50.4 million on Birwood Heights, but the loan is sized to stabilized income the asset hasn't yet earned.
Thorofare takes the lease-up risk on a $35M Savannah industrial loan
The floating-rate, interest-only structure leaves Thorofare with the credit and the sponsor with the optionality, in a market where tenants already have the leverage.
Multifamily delinquencies are falling for the wrong reason
As bank delinquencies ease, rising charge-offs and lender-run sales describe a transfer of duration, not a cure.
Inland's $112M loan shows stabilized senior housing still has a bid
JLL placed the acquisition debt with a regional bank; the missing rate, leverage, term, and holder are what a rival would price first.
Savills IM wins Bank of Italy nod for Italian direct lending
The €7.6 billion Italian equity book is the advantage behind Savills IM's new standalone lending platform.
Mesa West's 23-day close prices the sponsor, not the 1992 asset
A $27 million five-year loan on a $37 million Issaquah value-add shows private credit buying execution speed, with the renovation schedule as the collateral that matters.